In a recent circular issued on February 16, 2024, the Reserve Bank of India (RBI) has imposed restrictions on certain operations of Paytm Payments Bank starting March 15, 2024. This decision came after a comprehensive audit revealed persistent non-compliances and supervisory concerns in the company.
As news rapidly spread, concerns among Paytm users escalated, particularly regarding the fate of the Paytm Soundbox. People are asking, will they still be able to use Paytm Soundbox? The recent restrictions imposed on Paytm Payments Bank have raised questions about the future of this widely-used device, which has gained popularity among street hawkers and merchants across India now.
Paytm Soundbox is an IoT device offering instant voice confirmation for payments. The device has gained widespread use, with over 200,000 users as of October 2020. Paytm aimed to deploy 87 lakh Soundboxes by August 2023.
The soundbox could be purchased from the PaytmMall – the official site of the payment (however, currently, they are not being sold).
But after RBI’s action a question mark is revolving around the device. Addressing this common concern of its users, Paytm has recently shared a post on their social media handles.
#Paytmkaro! 🚀 Hamara QR, Soundbox aur Card Machine kaam karta rahega. Aaj, kal aur hamesha ❤️
— Paytm (@Paytm) February 19, 2024
Hamare merchant partners ko lagaatar samarthan ke liye dhanyavaad 🇮🇳
Desh ki seva karne me hum puri tarah se samarpit hain. RBI FAQ yahaan padhein: https://t.co/2FLZ4GNOuE pic.twitter.com/OM0nMM5XAD
The online payment company has assured users that the Paytm Soundbox, along with Paytm QR and Card machine, will continue to function seamlessly beyond March 15. Which means, you can keep using this device at your shop.
Customers can still use Paytm Soundbox for payments through Wallet, UPI, Net Banking, and other payment apps. Paytm has taken proactive steps by shifting the nodal account to Axis Bank through the opening of an Escrow Account. This move ensures uninterrupted merchant settlements.
Paytm also emphasized that there is no restriction on withdrawing money from existing balances even after March 15, 2024. The company’s commitment is to maintain the smooth operation of its services, assuring users of continued accessibility to the Paytm Soundbox and other payment tools.
